What is budget rescission?
A rescission bill is a type of bill in the United States that rescinds funding that was previously included in an appropriations bill.
What does budget authority mean?
Definition. Authorization to obligate Government funds for immediate or future outlay. Basic forms of budget authority are appropriations, contract authority, borrowing authority, and authority to obligate and expend offsetting receipts and collections.
What is budget appropriation?
Appropriation: A law of Congress that provides an agency with budget authority. An appropriation allows the agency to incur obligations and to make payments from the U.S. Treasury for specified purposes. Appropriations are definite (a specific sum of money) or indefinite (an amount for “such sums as may be necessary”).
What is meant by rescission?
Rescission is the voiding of a contract by a court that does not recognize it as legally binding. Courts can free non-liable parties from their agreed obligations and, when possible, effectively restore them to the position they were in before the contract was signed.
What is the meaning of the term rescission?
Rescission may refer to: Rescission (contract law) Rescission bill, a procedure to rescind previously appropriated funding in the United States A synonym for repeal in parliamentary procedure
How are rescissions different from the appropriations process?
This process is different than when Congress initiates its own rescissions, often in supplemental appropriations bills that offset other spending increases. What are rescissions? Rescissions are a process available to the President to facilitate the cancellation of certain appropriated spending.
What is the purpose of the rescission bill?
Rescission bill, a procedure to rescind previously appropriated funding in the United States.
How long does it take for budget authority to be rescinded?
Any amount of budget authority proposed to be rescinded or that is to be reserved as set forth in such special message shall be made available for obligation unless, within the prescribed 45- day period, the Congress has completed action on a rescission bill rescinding all or part of the amount proposed to be rescinded or that is to be reserved.
